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    Nord Stream 2 gas pipeline construction project

    Nord Stream 2 May Finalize Deal on Attracting Funds From Banks in 2018

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    The Nord Stream 2 project's financial director hopes for funding "from a pool of banks".

    BRUSSELS (Sputnik) — The Nord Stream 2 may finalize a deal aimed at attracting funds from banks for the construction of the gas pipeline by the middle of 2018, Financial Director of the Nord Stream 2 pipeline project Paul Corcoran told RIA Novosti.

    "Our financing concept aims at 70% financing with external funds from banks and similar agencies, financial institutions. Therefore, we will probably be closing the deal sometime in the middle of 2018," Corcoran said.

    He added that the model was similar to the one employed at funding the Nord Stream project.

    "That is similar to the first Nord Stream project, where more than 30 banks invested in the project, providing 6.5 billion euro. For Nord Stream 2, we are aiming at a similar level of external investment. We are aiming at a financing package from a pool of banks," the financial director concluded.

    Nord Stream 2, a joint venture of Russia’s Gazprom with France's Engie, Austria’s OMV AG, Royal Dutch Shell, Germany's Uniper and Wintershall, will bring an estimated 55 billion cubic meters of Russian natural gas to Germany across the Baltic Sea, while bypassing Ukraine. The launch of the pipeline is planned for 2018.

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    Nord Stream pipeline project (14)

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    Nord Stream 2, Paul Corcoran, Germany, Russia
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